Soybeans up 17¢ this morning. Tuesday, November 21, 2023

March corn is up 5¼¢ this morning while January soybeans are up 17¼¢.

March wheat contracts are mixed. CBOT wheat is up 2¼¢. KC wheat is down 3¢. Minneapolis wheat is up a penny.

Arlan Suderman, chief commodities economist for StoneX, says the trade is unsure how to respond to weather patterns in Brazil.

“The grain trade seems to be uncertain about its stance on Brazilian dryness — understandably so, as Brazil is a massive country and its in the midst of a very different recent weather pattern split between north and south,” he says. “Our lead forecaster Commodity Weather Group still expects good rains this week for dry center-west soybean regions, along with reduced temperatures, though concerns remain overall as chances shift back to the south next week. CBOT January soybeans have posted bullish moves now to start each of the last three weeks but have ultimately closed lower by the last two subsequent Friday afternoons; the market is on a reduced time frame this week due to the Thanksgiving break, off Thursday and with a slightly shortened session on tap Friday.”

Al Kluis, managing director of Kluis Commodity Advisors, notes Brazilian soybean farmers aren’t keeping up with 2022’s planting pace.

“The soybean planting pace in Brazil is the slowest in the last four years, currently at 68% complete,” says Kluis. “A year ago, farmers were 80% done planting by this same time of year. Traders remain concerned about weather. The world balance sheet cannot afford problems in South American soybean production.”

Crude oil is down 47¢.

March S&P 500 futures are down 16 points. March Dow futures are down 114 points.

Outside of the U.S., milling wheat is in the green on the MATIF trade. Corn and No. 1 soybeans are up on the Dalian trade but No. 2 soybeans are down.

Tags: corn, soybeans, wheat, futures, live cattle, feeder cattle, lean hogs